Ten Israeli startups have been chosen for the new Israel-China accelerator program in Beijing, led by Israel's Ministry of Economy and Industry in cooperation with China's Shengjing Group and DayDayUp.
The startups chosen are Anzu, Social internet, TechsoMed, I know first, TapReason, Modcon, Gencell, Personalics, Pom Vom, and Watteam.
Israel's Minister of Economy and Industry said, "This is a first of its kind initiative by the State of Israel in China. The Ministry of Economy is proud to help Israeli industry by developing an additional tool to serve them in China. The demand for this program on behalf of Israeli startups proves the importance of this program, which forms part of the existing toolbox offered by the Ministry to companies seeking to enter the complex Chinese market".
There were applications from almost 100 Israeli startups to join the Israel-China Accelerator Program in China. The selection team comprised seniors figures from the Chinese investment and technology world. The winning startups were announced during the 'Start-Up China' event, held by the Ministry of Economy and Industry in Tel Aviv, with the participation of executives from Shengjing Group and DayDayUp.
On Monday, the two accelerators were launched in a ceremony in Tel Aviv, by Israel's Ministry of Economy and Industry together with its two Chinese partners: Shengjing Group - China’s largest global private equity Fund of Funds and one of the world’s largest consulting firms for startups and SMEs, which has already invested in Israel nearly $100 million, with a deep understanding of the both the Israeli and Chinese market, and DayDayUp - one of China's leading business communities that already hosts in its office space in Beijing 7 Israeli startups, and has a deep understanding of their needs.
Sherrie Wang, managing partner Peakview Capital, the investment arm of Shengjing Group, said "Shengjing Group is thrilled to be a chief strategic partner in the Israel-China accelerator program. We will assist these startups with designing and implementing their China market strategy through our global network consisting of the best mentors in the business and technology world. The Israeli companies will be connected to our large network of accredited investors, CEOs, and other industry experts in China."
The Israel - China Accelerator is a 6-month program led by Israel Ministry of Economy and Industry with the cooperation of Shengjing Group and DayDayUp with the aim of helping Israeli tech startups and companies enter, grow and succeed in the Chinese market.
The 10 chosen startups will receive in-depth training regarding the Chinese market and business matchmaking services toward potential investors, customers and strategic partners, as well as work space in Beijing for companies entering the accelerator program. It will also assist with logistic issues.
DayDayUP founder Bo Yiqun said, "While Chinese corporates and investors all expect the advanced technical innovations from Israel, Israeli companies show higher motivation than ever before in history on getting into China market. It’s definitely great timing to launch his Israel - China Accelerator Program. We are more than happy to join as partner of Israel Ministry of Economy and Industry, and believe this is not only about the acceleration of ten selected startups, but is more meaningful for the further innovation corporation between two countries".
The program will consist of training designed to introduce to participant companies the skills which are necessary to start a business in China, like: introduction of the Chinese business environment, industry overviews, legal, regulatory and tax concerns, etc. The second part of the program will focus on practical exercises and business development, including: meetings with potential customers, partners and potential investors.
Published by Globes [online], Israel business news - www.globes-online.com - on November 28, 2017
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